The vice-president, Dr. Mahamudu Bawumia, in his presentation to mark the 100 days of Nana Addo Dankwa Akufo-Addo’s administration, told Ghanaians that, the government has arrested the dollar and the key handed over to the Inspector General of Police (IGP).
The volatility in the forex market, indicates that, the vice-president was not entirely truthful to Ghanaians, as the stability we recorded was only artificial, the reality is hitting us hard now.
The dollar, has started running again and it doesn’t look like the government, has what it takes to stop it.
Over the years, we have had to as a people deal with the phenomenon of the appreciation of the dollar, against the cedi. This is partly because of our penchant for foreign goods.
Until, we disabuse our minds of the fact that, not everything foreign is good for us, no government now or in the future, can arrest the depreciation of the cedi.
We were told by the same Dr. Bawumia in the run up to the 2016 elections that, Ghanaians price in cedis, but think in dollars. The situation hasn’t changed, these days, even rent and school fees are charged in dollars.
The Central Bank of Nigeria (CBN), not too long ago, flooded the market with dollars, forcing those hoarding the currency to rush to the banks and the forex bureaus to change.
The Naira, which was hitherto struggling like the cedi, has regained some value.
Ghana can go the same way, whiles we try to encourage the consumption of made in Ghana product.